Archive for November 17th, 2009

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Citigroup CEO’s annual salary stays at $1

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November 17th, 2009

http://www.marketwatch.com/story/citigroup-ceo-annual-salary-stays-at-1-2009-11-17
Nov. 17, 2009, 4:48 p.m. EST
Citigroup CEO’s annual salary stays at $1
Pandit to gets no ‘stock salary’ this year under government pay limits
By Alistair Barr, MarketWatch
SAN FRANCISCO (MarketWatch) — Citigroup Inc. Chief Executive Vikram Pandit will be paid a salary of $1 this year and will get no stock awards as the troubled banking giant shrinks under part-government ownership, according to a regulatory filing late Tuesday.
Citi (NYSE:C) said its compensation committee kept Pandit’s annual base salary at $1 and granted him no so-called stock awards for fiscal 2009, the filing said.

Published in Market Watch November 17, 2009 by Alistair Barr

Citigroup Inc. Chief Executive Vikram Pandit will be paid a salary of $1 this year and will get no stock awards as the troubled banking giant shrinks under part-government ownership, according to a regulatory filing late Tuesday.

Citi (NYSE:C) said its compensation committee kept Pandit’s annual base salary at $1 and granted him no so-called stock awards for fiscal 2009, the filing said.

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Pay czar readies for bonus season

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November 17th, 2009

http://money.cnn.com/2009/11/17/news/companies/feinberg_executive_compensation/
Pay czar readies for bonus season
Kenneth Feinberg is set to trim bonuses right before the checks are set to go out, raising concerns that top talent at seven companies will up and leave.
By David Goldman, CNNMoney.com staff writer
Last Updated: November 17, 2009: 4:23 PM ET
NEW YORK (CNNMoney.com) — It’s bonus time on Wall Street and pay czar Kenneth Feinberg is walking a thin line.
Feinberg, Treasury’s special master for executive compensation, has a mandate to determine appropriate executive pay packages for the top employees at the seven most heavily bailed out companies: AIG (AIG, Fortune 500), Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), General Motors, Chrysler, Chrysler Financial and GMAC.
After reviewing those firms’ pay packages for their top 25 executives last month, Feinberg has begun to review compensation plans for the next 75 highest-paid employees at each company. That report is due out by the end of the year, and Feinberg recently said he hopes to issue his ruling by the beginning of December — just before bonuses get doled out.

Published in CNN Money November 17, 2009 by David Goldman

It’s bonus time on Wall Street and pay czar Kenneth Feinberg is walking a thin line.

Feinberg, Treasury’s special master for executive compensation, has a mandate to determine appropriate executive pay packages for the top employees at the seven most heavily bailed out companies: AIG (AIG, Fortune 500), Citigroup (C, Fortune 500), Bank of America (BAC, Fortune 500), General Motors, Chrysler, Chrysler Financial and GMAC.

After reviewing those firms’ pay packages for their top 25 executives last month, Feinberg has begun to review compensation plans for the next 75 highest-paid employees at each company. That report is due out by the end of the year, and Feinberg recently said he hopes to issue his ruling by the beginning of December — just before bonuses get doled out.

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Wall Street Lost Fewer Jobs Than Forecast in Recovery

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November 17th, 2009

http://www.bloomberg.com/apps/news?pid=20601103&sid=arTfuqVz33aA
Wall Street Lost Fewer Jobs Than Forecast in Recovery (Update2)
By Henry Goldman
Nov. 17 (Bloomberg) — Wall Street is recovering faster than the national economy, with New York City’s four largest investment firms reaping profits of $22.6 billion through Sept. 30 after losing more than $40.3 billion last year, state Comptroller Thomas DiNapoli reported.
DiNapoli’s annual report on the city’s securities industry also found that job cuts following the worst credit crunch since the Great Depression may not exceed 35,000. The total is about what Wall Street lost following the 2001 recession and terrorist attacks and less than the 47,000 officials predicted when preparing the city’s June financial plan

Published in Bloomberg November 17, 2009 by Henry Goldman

Wall Street is recovering faster than the national economy, with New York City’s four largest investment firms reaping profits of $22.6 billion through Sept. 30 after losing more than $40.3 billion last year, state Comptroller Thomas DiNapoli reported.

DiNapoli’s annual report on the city’s securities industry also found that job cuts following the worst credit crunch since the Great Depression may not exceed 35,000. The total is about what Wall Street lost following the 2001 recession and terrorist attacks and less than the 47,000 officials predicted when preparing the city’s June financial plan.

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